Tees regeneration chiefs to be handed control over tens of millions of euro cash

James Wharton, MP for Stockton South and Minister for the Northern Powerhouse

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Changes over how tens of millions of Euro cash is spent on Teesside have been hailed as a “major shift” in transferring power to our area.

The Government today said it will hand control over a £141m pot to boost jobs and skills to local decision makers.

Teesside regeneration body Tees Valley Unlimited, will play a “key role” in allocating the cash under the new regime.

Local Growth Minister James Wharton, also Conservative MP for Stockton South, said the switch would lead to “more localised spending” with funding “locally-led from the start”.

He said: “We want local partners to come forward with how they want to use this money to drive forward the economy in the Tees Valley.

“As part of our long-term economic plan this money will provide a big boost to businesses and help create numerous jobs locally that will also benefit people living in towns and villages nearby.

“This funding will give the area a chance to contribute more to the national economy and unlock local potential.”

The money is from the next round of the European Regional Development Fund and the European Social Fund and runs to 2020.

Previous projects supported by the fund include Middlesbrough’s Boho 5 and Business Central, Darlington.

The 2007-2013 round of ERDF created 16,138 jobs across the North-east from £311m of funding

The new programme is built from the local priorities of England’s 39 Local Enterprise Partnerships (LEPs), including Tees Valley Unlimited, which Government says “know best what is needed to boost growth locally”. All funding decisions will be taken within this framework.

Research and innovation, supporting small to medium businesses and building a low carbon economy are all priorities of the ERDF.